SAFFERY CHAMPNESS ACTS IN PDQ SALE
The Bournemouth office of Saffery Champness Chartered Accountants has acted on behalf of the shareholders of PDQ Group Limited, based in Fordingbridge, Hampshire, in its sale to Fastener Distribution Holdings, a US-based distributor hardware and replacement parts to the aerospace industry, for an undisclosed sum.
PDQ was founded in the early 1990s by Nic Lewis and Chris Miller. It is a leading distributor of aerospace consumables and provider of supply chain management services to organisations in the maintenance, repair and operations (MRO) sector and airline customers from is offices in the UK, Singapore, China and its latest facility in Poland.
The transaction, which completed on 31 August 2018, will see Nic Lewis remain as Chief Executive of PDQ and Chris Miller continuing to oversee the group’s operations in Asia. Scott Tucker, the Chief Executive of FDH, will join the Board of PDQ.
Nic commented: “We are excited to join the FDH team and look forward to continuing to grow our combined businesses. We remain committed to delivering the same high level of service and consistency that our customers expect.”
Scott Tucker commented: “PDQ is a clear leader in the MRO and consumables distribution space with an excellent reputation and leadership team. The acquisition contributes to our focus on driving growth both organically and through strategic acquisitions.”
The Saffery Champness transaction team included Mark Kilbey, Corporate Advisory Director, Andrew Alder, Consultant, Mark McGarry, Commercial Tax Partner, and Prue Mitchell, Senior Corporate Tax Manager, who advised on accounting and taxation issues from initial agreement of heads of terms through to completion of the sale.
Mark Kilbey commented: “This was a complex transaction involving a US buyer, which required careful consideration to ensure that the shareholders were not exposed to adverse tax consequences in either the UK or the US. We wish the buyers every success with their acquisition and with the continued involvement of Nic and Chris, expect to see PDQ continue to grow in the future.”
Nic Lewis added: “The team at Saffery Champness supported us throughout this successful transaction and their influence and advice was invaluable.”
PDQ Airspares has established itself as Europe’s leading consumable solution provider to the Airline & MRO industry. With over 25 years’ experience we not only understand but also effectively target the individual demands of customer’s operational requirements, with solutions that are guaranteed to generate significant savings in both time and money.
Recognising the occupational stress factors incurred through consumable management, with our proven ConsumableCare™ programs, PDQ Airspares are able to greatly simplify procurement procedures, by streamlining the supply chain from requisition to acquisition, easing both logistical and accounting burdens across multiple departments.
For more information, please visit https://www.pdq-airspares.co.uk
FDH is a leading distributor of c-class hardware and replacement parts to commercial and defence aircraft manufacturers, subcontractors, and component distributors through three divisions: Arlington International Aviation Products (“AIAP”), based in Arlington, Texas, and Aircraft Fasteners International (“AFI”) and Blue Sky Industries based in Monterey Park, California.
For more information, please visit www.aiapinc.com, www.aircraftfast.com, www.blueskyindustries.com.
About Saffery Champness LLP
Saffery Champness LLP is the 12th largest firm of chartered accountants in the UK (by fee income), providing specialist advice to a wide range of individuals, businesses and not-for-profit organisations. The firm does not try to be all things to all people. Instead, its focus is very much on seven core areas of business where it has built significant expertise and can really bring value to clients’ affairs: private wealth; entrepreneurs; land and estates; not-for-profit; sports and entertainment; international; professional and consultancy businesses.
For over 160 years, the firm’s success has been founded upon providing clients with a genuinely partner-led service and working with them to create bespoke solutions that help them to achieve their personal and business objectives.
Saffery Champness has 82 partners and partner equivalents and over 700 staff across nine UK offices, plus Dubai, Guernsey, Geneva and Zurich. The firm is also a member of Nexia International, a leading, global network of almost 250 independent accounting and consulting firms, spanning 115 countries.
Visit www.saffery.com for more information or see twitter: @Safferys